(Yicai Global) Jan. 21 -- China Evergrande Group, the world's most-indebted real estate developer, said it plans to hire more financial and legal advisers to help sort out its debt problems after a key group of international bondholders reportedly threatened to take legal action.

Evergrande will engage China International Capital and Bank of China International Asia as financial advisers and Zhonglun Law Firm as legal adviser, the Shenzhen-based company said today. They will help the firm solve its debt crisis, follow up on creditors’ demands, and handle the debt issue in accordance with the law, it said.

The news came a day after an important group of offshore creditors reportedly threatened to take legal steps against Evergrande. According to Reuters and other media, the group, represented by law firm Kirkland & Ellis and investment bank Moelis & Company, said it was prepared to take “enforcement action,” if Evergrande failed to do more to resolve a debt default.

Evergrande officially declared a bond default for the first time on Dec. 3 last year, admitting in a filing to the Hong Kong bourse that it would not be able to repay a USD260 million bond. The homebuilder has liabilities in excess of USD300 billion.

The company’s risk management committee, which decided to hire the new advisers, is actively preparing debt solutions and communicating with creditors, Evergrande said.

The committee was set up early last month. It comprises Chairman Xu Jiayin, Chief Financial Officer Pan Darong, Hao Han, a partner at Zhonglun Law, and three executives from China Cinda Asset Management, Guangzhou Yuexiu Group, and Guosen Securities.

After falling almost 4 percent earlier today, Evergrande’s shares [HKG: 3333] closed 0.6 percent lower at HKD1.79 (23 US cents) each. The stock has gained 12.6 percent so far this year, after plunging about 90 percent last year.

Editor: Futura Costaglione